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SEC fines DSE, CSE Tk 1 lach each for stock-market manipulation

SM Golam Samdani |
Update: 2010-07-21 23:24:59
SEC fines DSE, CSE Tk 1 lach each for stock-market manipulation

DHAKA: The Securities and Exchange Commission Thursday fined Dhaka Stock Exchange and Chittagong Stock Exchange Tk 100,000 each in a significant punitive action for market manipulation by operators of both the bourses.

DSE has been fined for trading share before the scheduled time and for using several indices while CSE for violating time schedule, official sources said.

The capital-market watchdog sent separate letters to the country’s two bourses Thursday, they said.  

“Both the exchanges have been fined Tk 1 lakh each as the allegations of manipulation against them proved,” said Farhad Ahmed, the SEC executive director.

He termed both the amounts of fine “symbolic”, aimed at warning them against any such future machinations.

CSE president Fakhruddin Ali Ahmed told banglanews24.com.bd that he would not comment on the matter as he has not received the letter.

DSE president Shakil Rizvi, vice-president Nasir Uddin Chowdhury and Chief Executive Officer Satipati Maitra were phoned several times. They kept their phones switched off.

BDST: 2011 HRS. JULY 22, 2010

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